As we all are familiar with Crypto Currencies and we know It's all decentralised rather than using central Servers. All the decentralised nodes that participate the transactions knows as ledger get small partial of transaction fee and are also used for mining new bitcoin using GPUs. Another point to note is that we all can mine bitcoin in our own hardware but as the GPU of our laptop/hardware are standard and not meant to use for maximum profit mining the bitcoin. We can rent the part of the server and and purchase that are using high power GPU which are meant to build for bitcoin mining and get profit day to day. One of the best thing about bitcoin mining is most of the bitcoin mining contract are lifetime and you don't have to renew it yearly or any terms, meaning once purchased these contract , you will be earning bitcoins until the maximum volume is reached which is set to be in 2120 and we don't have to worry about that date.
Starting with bitcoin mining with Genesis Mining:
First Login in to the Genesis Mining site : https://www.genesis-mining.com/signup
Unlike other bitcoin exchange or purchase site, you don't have to provide all of your personal details to mine to bitcoin. Just Email is enough to start. Once you sign up to Genesis mining and confirm the email address. You can update other personal information and add you crypto currency where you want to get reward to .
Genesis mining currently supports Dash, Zcash, Litecoin, Dogecoin, Bitcoin, Unobtanium, BitcoinDark, Zetacoin, Startcoin, peercoin, Namecoin, Curecoin, Ether, Monero, Augur, Ether Classic & Steem ( yay!) .
In this blog, we will be focusing on Bitcoin( King of Crypto Currencies):
Once logged in, Get to the Dashboard page and you can see below screen:
Click on Upgrade Hashpower and you can see the bitcoin Mining contract on the top( This is popular contract and often gets out of stock. So, hurry up )
Select desired Hashpower :
It's easier to compare how much the selected Hashpower will cost as it shows the cost of the haspower as you slide different Hashpowers.
For explanation, we will select 7.5 TH/s contract which will cost $1050. ( will go lower once you apply below PROMO CODE) .
click continue and following you will get to following screen.
PROMO CODE : 6bPmLg
PROMO CODE : 6bPmLg
As you can see once you apply the promo code 6bPmLg, you will get 3% Discount in the Mining contract which lowers the price to 1018.50. Congrats, you just saved (1050 - 1018.50 = 31.50).
Next steps are checking the "Agree on Terms" and "Confirm Order" and Enter your payment details in next screen.
Now let's calculate how long will it take to get the investment back and how much profit can we make in a year.
Current Dificulty rate for bitcoin mining of 711697198173.75600000, 7.5 Th/s or 7500 Mh/s, you can make $ 4.75 a day.
In this rate, it will take 1018.50/4.75 = 214 days to completely get your investment back .
So, if you calculate your math. Investing 1018.50 in the bitcoin mining, will give you $3465 in 2 years. Again, Bitcoin mining is open contract so Genesis mining will rewarding you even after that until it hits max volume.
It's true as time passes, Bitcoin mining gets complex and reward goes down every 4 years but also have to note that the value of bitcoin is rising every day. So, It's always a win situation.
Once you have created a profile and purchased the contract with the promo code : 6bPmLg. Comment the blog in with your promo code as I am planning to do some upgrades and will use that so that you get some extra hashpowers for free :) . Also, if you are already have genesis mining contract, feel free to leave a promo code in the comment so that I can use for my next upgrade. As we all know, it's a win- win deal :)
HAPPY MINING :)